Patrick Gavin has been appointed CEO of the Crozer-Keystone Health System after the finalization of its sale to Prospect Medical Holdings, writes Alison Burdo for the Philadelphia Business Journal.
Joan Richards, who has served as Crozer-Keystone’s president and CEO for nine years, has announced her retirement. Prospect named Gavin, currently the COO of Crozer-Keystone, as Richard’s replacement 10 days after the acquisition closed.
Gavin – who holds a Bachelor’s Degree from Villanova, an MBA from Saint Joseph’s, and a Master’s Degree in public health from Columbia – began working for Crozer-Keystone in 2010 as president of Crozer-Chester Medical Center.
After two years, he was named COO and executive vice president of the entire health system, while continuing his role of leading the Medical Center.
Prospect paid $300 million for the health system, mostly to settle Crozer-Keystone’s outstanding debts. These include $160 million in long-term debt obligations, up to $120 million in pension-fund liabilities, and $15 million in liability insurance coverage.
Prospect has also agreed to invest $200 million in Crozer-Keystone’s hospitals over the next five years to modernize the facilities and expand key service lines.
Read more about Gavin in the Philadelphia Business Journal by clicking here.
